government on Friday anunced a slew of measures to ensure that loans for home, vehicles and consumption goods become cheaper and widely available through banking and n-banking finance companies. dressing media, Finance Minister Nirmala Sitharaman also said that banks will pass on RBI rate cut benefits to borrowers through MCLR reduction. She said that banks will launch repo rate and external benchmark-linked loan products that will le to reduced easy monthly installments for housing, vehicle and or retail loans. minister also anunced ditional liquidity support of Rs 20,000 crore to housing finance companies (HFCs) by National Housing Bank (NHB), reby increasing total support to Rs 30,000 crore.

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Finance Minister anunces a string of reforms

government anunced a partial credit scheme for purchase of pooled assets of n-banking finance companies and HFCs up to Rs 1 lakh crore to be monitored at highest level in each bank. Prepayment tices issued to NBFCs will be monitored by banks. minister said that NBFCs will be permitted to use Ahaar aunticated bank 'Kw Your Customer' (KYC) to avoid repeated processes. government has decided to make necessary changes in PMLA rules and Ahaar regulations to ease lending process.

"Working capital loans for industry will also become cheaper," Finance Minister Nirmala Sitharaman said. To reduce harassment and bring in greater efficiency, public sector banks (PSBs) will ensure mandated return of loan documents within 15 days of loan closure. "This will benefit borrowers who have mortgd assets," Nirmala Sitharaman said. 

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Finance Minister explains on-ground implementation

Finance Minister explained entire process of tax collections which will occur on ground. She said that tices will be issued without central approval. Assuring that amalies in paper and practice will be eliminated, she said that se moves will favour assessee. She also anunced that assessee will be able to track issue and complain if he has any grievance. She continued to say that any issue without DIN is t valid. Nirmala Sitharaman assured assessees that such a document need t be considered as it has t been issued by  centralized system. Such a tice could be cast away, said Finance Minister. She me it clear that implementation of centralized IT system will be ensured on a ground level.

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"If re is a tice being issued on ground and some amount is being claimed by an assessee, that cant happen without central approval. Also, amount stated will eventually be resolved. Eir it will be ruled in favour of assessee or tax authorities and tax will be paid. Or claim will be settled. But amount will be taken as what was claimed, t more or less. This will be available to assessee himself. This is done so that he can quote that and complain if necessary. re should be amalies in paper and practice. We believe this will dress harassment angle in favour of assessee," she said.

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